Scotiabank Weighs in on Fortis’ FY2027 Earnings (TSE:FTS)

Fortis Inc. (TSE:FTS) – Investment analysts at Scotiabank lifted their FY2027 earnings per share estimates for Fortis in a research report issued on Tuesday, August 4th. Scotiabank analyst R. Hope now expects that the company will post earnings per share of $3.84 for the year, up from their prior estimate of $3.82. The consensus estimate for Fortis’ current full-year earnings is $3.34 per share.

Fortis (TSE:FTS) last issued its quarterly earnings data on Wednesday, May 6th. The company reported C$0.99 earnings per share for the quarter. The business had revenue of C$3.40 billion for the quarter. Fortis had a net margin of 14.72% and a return on equity of 7.43%.

A number of other analysts also recently commented on FTS. Desjardins boosted their price target on shares of Fortis from C$81.00 to C$85.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. TD raised their price objective on shares of Fortis from C$83.00 to C$84.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Canadian Imperial Bank of Commerce cut Fortis from a “strong-buy” rating to a “hold” rating in a report on Friday, July 17th. National Bank Financial upped their target price on Fortis from C$75.00 to C$82.00 and gave the stock a “sector perform” rating in a research report on Monday, June 1st. Finally, Raymond James Financial increased their price target on Fortis from C$78.50 to C$80.50 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. Five research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of C$79.68.

Fortis Stock Performance

FTS stock opened at C$78.45 on Friday. The company has a 50-day simple moving average of C$80.22 and a 200 day simple moving average of C$78.00. The company has a market capitalization of C$40.08 billion, a P/E ratio of 23.07, a PEG ratio of 3.01 and a beta of 0.42. The company has a quick ratio of 0.36, a current ratio of 0.56 and a debt-to-equity ratio of 143.60. Fortis has a fifty-two week low of C$67.15 and a fifty-two week high of C$83.75.

Insiders Place Their Bets

In other news, insider James Reid sold 24,700 shares of Fortis stock in a transaction on Monday, June 15th. The stock was sold at an average price of C$79.21, for a total transaction of C$1,956,487.00. Following the transaction, the insider owned 31,283 shares in the company, valued at approximately C$2,477,926.43. The trade was a 44.12% decrease in their ownership of the stock. In the last 90 days, insiders have purchased 572 shares of company stock worth $45,909. Insiders own 0.04% of the company’s stock.

Fortis Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 3.3%. The ex-dividend date is Wednesday, August 19th. Fortis’s payout ratio is presently 74.56%.

About Fortis

Fortis owns and operates 10 utility transmission and distribution assets in Canada and the United States, serving more than 3.4 million electricity and gas customers. The company has smaller stakes in electricity generation and several Caribbean utilities. ITC operates electric transmission in seven U.S. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.